QUARTERLY REPORT January 31, 2013

MFS® SPECIAL VALUE TRUST PORTFOLIO OF INVESTMENTS 1/31/13 (unaudited)

The Portfolio of Investments is a complete list of all securities owned by your fund. It is categorized by broad-based asset classes.

Issuer Shares/Par Value ($) Bonds - 69.6% Aerospace - 1.6% Bombardier, Inc., 7.5%, 2018 (n) $ 105,000 $ 118,125 Bombardier, Inc., 7.75%, 2020 (n) 55,000 62,288 CPI International, Inc., 8%, 2018 115,000 114,955 Heckler & Koch GmbH, 9.5%, 2018 (z) EUR 100,000 120,165 Huntington Ingalls Industries, Inc., 7.125%, 2021 $ 170,000 187,000 Kratos Defense & Security Solutions, Inc., 10%, 2017 175,000 192,063 $ 794,596 Apparel Manufacturers - 0.4% Hanesbrands, Inc., 6.375%, 2020 $ 60,000 $ 64,950 Jones Group, Inc., 6.875%, 2019 85,000 88,719 PVH Corp., 4.5%, 2022 60,000 59,700 $ 213,369 Asset-Backed & Securitized - 0.3% Banc of America Commercial Mortgage, Inc., FRN, 6.254%, 2051 (z) $ 328,951 $ 78,481 Citigroup Commercial Mortgage Trust, FRN, 5.701%, 2049 220,000 42,460 Falcon Franchise Loan LLC, FRN, 6.542%, 2025 (i)(z) 78,634 12,361 JPMorgan Chase Commercial Mortgage Securities Corp., “C”, FRN, 6.001%, 2051 95,000 27,702 Morgan Stanley Capital I, Inc., FRN, 1.384%, 2039 (i)(z) 205,428 4,006 Preferred Term Securities XII Ltd., CDO, 0%, 2033 (a)(c)(z) 225,000 68 Preferred Term Securities XVI Ltd., CDO, 0%, 2035 (a)(c)(z) 300,000 30 Preferred Term Securities XVII Ltd., CDO, 0%, 2035 (a)(c)(z) 187,000 19 $ 165,127 Automotive - 2.7% Accuride Corp., 9.5%, 2018 $ 135,000 $ 133,313 Allison Transmission, Inc., 7.125%, 2019 (n) 160,000 173,600 Ford Motor Credit Co. LLC, 12%, 2015 345,000 420,900 General Motors Financial Co., Inc., 4.75%, 2017 (n) 105,000 109,734 General Motors Financial Co., Inc., 6.75%, 2018 20,000 23,150 Goodyear Tire & Rubber Co., 8.25%, 2020 25,000 27,438 Goodyear Tire & Rubber Co., 7%, 2022 40,000 42,900 Jaguar Land Rover PLC, 8.125%, 2021 (n) 300,000 336,750 Lear Corp., 8.125%, 2020 36,000 40,230 Lear Corp., 4.75%, 2023 (z) 25,000 24,875 $ 1,332,890 Broadcasting - 4.3% Allbritton Communications Co., 8%, 2018 $ 55,000 $ 59,538 AMC Networks, Inc., 7.75%, 2021 101,000 115,393 Clear Channel Communications, Inc., 9%, 2021 202,000 187,860 Clear Channel Worldwide Holdings, Inc., 6.5%, 2022 (n) 25,000 26,375 Clear Channel Worldwide Holdings, Inc., 6.5%, 2022 (n) 65,000 69,225 Clear Channel Worldwide Holdings, Inc., “A”, 7.625%, 2020 5,000 5,175 Clear Channel Worldwide Holdings, Inc., “B”, 7.625%, 2020 55,000 57,475 Hughes Network Systems LLC, 7.625%, 2021 70,000 80,150 IAC/InterActiveCorp, 4.75%, 2022 (n) 10,000 9,925 Intelsat Bermuda Ltd., 11.25%, 2017 205,000 217,300 Intelsat Bermuda Ltd., 11.5%, 2017 (p) 145,000 153,700 Intelsat Jackson Holdings Ltd., 6.625%, 2022 (n) 85,000 86,381 LBI Media Holdings, Inc., 11%, 2013 140,000 16,800

1 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Broadcasting - continued LBI Media, Inc., 13.5% to 2015, 11.5% to 2020 (p)(z) $ 57,000 $ 23,370 Liberty Media Corp., 8.5%, 2029 110,000 122,650 Liberty Media Corp., 8.25%, 2030 35,000 38,675 Local TV Finance LLC, 9.25%, 2015 (p)(z) 157,527 158,708 Netflix, Inc., 5.375%, 2021 (z) 50,000 49,750 Nexstar Broadcasting Group, Inc., 8.875%, 2017 50,000 55,125 Nexstar Broadcasting Group, Inc., 6.875%, 2020 (n) 10,000 10,425 Sinclair Broadcast Group, Inc., 9.25%, 2017 (n) 55,000 60,088 Sinclair Broadcast Group, Inc., 8.375%, 2018 15,000 16,688 SIRIUS XM Radio, Inc., 8.75%, 2015 (n) 105,000 118,913 SIRIUS XM Radio, Inc., 7.625%, 2018 (n) 75,000 83,250 SIRIUS XM Radio, Inc., 5.25%, 2022 (n) 15,000 15,263 Univision Communications, Inc., 6.875%, 2019 (n) 25,000 26,250 Univision Communications, Inc., 7.875%, 2020 (n) 80,000 86,600 Univision Communications, Inc., 8.5%, 2021 (n) 130,000 138,450 $ 2,089,502 Brokerage & Asset Managers - 0.3% E*TRADE Financial Corp., 6.375%, 2019 $ 140,000 $ 145,250

Building - 1.8% Boise Cascade LLC/Finance Corp., 6.375%, 2020 (n) $ 45,000 $ 47,025 Building Materials Holding Corp., 7%, 2020 (n) 45,000 49,050 CEMEX S.A.B. de C.V., 9.25%, 2020 130,000 139,750 Gibraltar Industries, Inc., 6.25%, 2021 (z) 10,000 10,388 HD Supply, Inc., 13.5%, 2015 70,000 72,188 HD Supply, Inc., 8.125%, 2019 (n) 45,000 50,963 HD Supply, Inc., 11.5%, 2020 (n) 40,000 46,100 HD Supply, Inc., 10.5%, 2021 (z) 5,000 5,113 Masonite International Corp., 8.25%, 2021 (n) 105,000 115,500 Nortek, Inc., 8.5%, 2021 150,000 169,875 Roofing Supply Group LLC/Roofing Supply Finance, Inc., 10%, 2020 (n) 30,000 33,900 USG Corp., 6.3%, 2016 95,000 99,988 USG Corp., 7.875%, 2020 (n) 45,000 51,300 $ 891,140 Business Services - 1.1% Ceridian Corp., 12.25%, 2015 (p) $ 40,000 $ 40,600 Ceridian Corp., 8.875%, 2019 (n) 20,000 22,300 Fidelity National Information Services, Inc., 5%, 2022 75,000 81,188 iGATE Corp., 9%, 2016 165,000 181,294 Iron Mountain, Inc., 8.375%, 2021 20,000 22,050 Legend Acquisition Sub, Inc., 10.75%, 2020 (n) 70,000 61,600 Lender Processing Services, Inc., 5.75%, 2023 55,000 58,300 SunGard Data Systems, Inc., 7.375%, 2018 45,000 47,813 $ 515,145 Cable TV - 1.7% Bresnan Broadband Holdings LLC, 8%, 2018 (n) $ 25,000 $ 27,000 CCO Holdings LLC, 7.875%, 2018 25,000 26,719 CCO Holdings LLC, 8.125%, 2020 125,000 140,313 CCO Holdings LLC, 5.125%, 2023 30,000 29,550 Cequel Communications Holdings, 6.375%, 2020 (n) 25,000 26,188 DISH DBS Corp., 6.75%, 2021 60,000 67,200 DISH DBS Corp., 5%, 2023 (n) 60,000 59,250

2 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Cable TV - continued Nara Cable Funding Ltd., 8.875%, 2018 (z) $ 200,000 $ 204,000 UPC Holding B.V., 9.875%, 2018 (n) 100,000 113,000 Ziggo Bond Co. B.V., 8%, 2018 (n) EUR 100,000 146,914 $ 840,134 Chemicals - 1.2% Celanese U.S. Holdings LLC, 6.625%, 2018 $ 65,000 $ 71,175 Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 8.875%, 2018 120,000 121,200 Hexion U.S. Finance Corp./Hexion Nova Scotia Finance, 9%, 2020 65,000 60,450 Huntsman International LLC, 8.625%, 2021 120,000 137,400 INEOS Group Holdings PLC, 8.5%, 2016 (n) 150,000 151,125 Polypore International, Inc., 7.5%, 2017 50,000 54,375 $ 595,725 Computer Software - 0.8% Infor U.S., Inc., 11.5%, 2018 $ 80,000 $ 94,200 Nuance Communications, Inc., 5.375%, 2020 (n) 80,000 82,400 Seagate HDD Cayman, 6.875%, 2020 18,000 19,530 Syniverse Holdings, Inc., 9.125%, 2019 130,000 141,375 TransUnion Holding Co., Inc., 9.625%, 2018 45,000 48,038 TransUnion LLC/TransUnion Financing Corp., 11.375%, 2018 15,000 17,344 $ 402,887 Computer Software - Systems - 0.7% Audatex North America, Inc., 6.75%, 2018 (n) $ 40,000 $ 42,900 CDW LLC/CDW Finance Corp., 12.535%, 2017 69,000 73,830 CDW LLC/CDW Finance Corp., 8.5%, 2019 110,000 121,825 DuPont Fabros Technology, Inc., REIT, 8.5%, 2017 95,000 103,075 $ 341,630 Conglomerates - 0.9% Amsted Industries, Inc., 8.125%, 2018 (n) $ 185,000 $ 197,488 BC Mountain LLC, 7%, 2021 (z) 10,000 10,250 Dynacast International LLC, 9.25%, 2019 75,000 80,063 Griffon Corp., 7.125%, 2018 150,000 162,375 $ 450,176 Consumer Products - 0.6% Easton-Bell Sports, Inc., 9.75%, 2016 $ 85,000 $ 91,695 Elizabeth Arden, Inc., 7.375%, 2021 100,000 111,250 Libbey Glass, Inc., 6.875%, 2020 30,000 32,288 Prestige Brands, Inc., 8.125%, 2020 10,000 11,200 Spectrum Brands Escrow Corp., 6.375%, 2020 (n) 30,000 31,913 Spectrum Brands Escrow Corp., 6.625%, 2022 (n) 5,000 5,400 $ 283,746 Consumer Services - 0.4% QVC, Inc., 7.375%, 2020 (n) $ 50,000 $ 55,193 Service Corp. International, 7%, 2019 145,000 159,319 $ 214,512 Containers - 1.3% Ardagh Packaging Finance PLC, 9.125%, 2020 (n) $ 200,000 $ 218,500 Berry Plastics Group, Inc., 9.5%, 2018 30,000 33,525 Reynolds Group, 7.125%, 2019 175,000 186,813

3 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Containers - continued Reynolds Group, 5.75%, 2020 $ 50,000 $ 51,125 Reynolds Group, 8.25%, 2021 115,000 120,463 $ 610,426 Defense Electronics - 0.4% Ducommun, Inc., 9.75%, 2018 $ 98,000 $ 107,555 MOOG, Inc., 7.25%, 2018 80,000 83,600 $ 191,155 Electrical Equipment - 0.3% Avaya, Inc., 9.75%, 2015 $ 110,000 $ 104,775 Avaya, Inc., 7%, 2019 (n) 25,000 23,875 $ 128,650 Electronics - 0.9% Freescale Semiconductor, Inc., 9.25%, 2018 (n) $ 190,000 $ 209,000 Nokia Corp., 5.375%, 2019 80,000 76,600 Nokia Corp., 6.625%, 2039 25,000 23,375 Sensata Technologies B.V., 6.5%, 2019 (n) 105,000 112,613 $ 421,588 Emerging Market Quasi-Sovereign - 0.8% Banco de la Provincia de Buenos Aires, 11.75%, 2015 (n) $ 124,000 $ 102,300 OAO Gazprom, 9.625%, 2013 60,000 60,317 Petroleos de Venezuela S.A., 5.25%, 2017 250,000 216,875 $ 379,492 Emerging Market Sovereign - 1.0% Republic of Argentina, 7%, 2015 $ 260,000 $ 222,687 Republic of Venezuela, 12.75%, 2022 107,000 128,400 Republic of Venezuela, 7%, 2038 160,000 130,000 $ 481,087 Energy - Independent - 4.2% BreitBurn Energy Partners LP, 8.625%, 2020 $ 50,000 $ 54,875 BreitBurn Energy Partners LP, 7.875%, 2022 (n) 100,000 105,750 Carrizo Oil & Gas, Inc., 8.625%, 2018 45,000 48,488 Chaparral Energy, Inc., 7.625%, 2022 65,000 70,200 Chesapeake Energy Corp., 6.875%, 2020 85,000 93,500 Concho Resources, Inc., 8.625%, 2017 25,000 27,000 Denbury Resources, Inc., 8.25%, 2020 135,000 150,525 Energy XXI Gulf Coast, Inc., 9.25%, 2017 165,000 187,894 EP Energy LLC, 9.375%, 2020 270,000 302,400 EPL Oil & Gas, Inc., 8.25%, 2018 (n) 55,000 57,888 EXCO Resources, Inc., 7.5%, 2018 40,000 37,900 Harvest Operations Corp., 6.875%, 2017 30,000 33,338 Hilcorp Energy I/Hilcorp Finance Co., 8%, 2020 (n) 40,000 44,300 Laredo Petroleum, Inc., 9.5%, 2019 65,000 73,450 LINN Energy LLC, 8.625%, 2020 40,000 44,100 LINN Energy LLC, 7.75%, 2021 20,000 21,400 MEG Energy Corp., 6.5%, 2021 (n) 30,000 31,500 Newfield Exploration Co., 6.875%, 2020 55,000 59,469 Plains Exploration & Production Co., 8.625%, 2019 95,000 108,300 Plains Exploration & Production Co., 6.5%, 2020 35,000 38,719 Plains Exploration & Production Co., 6.75%, 2022 50,000 56,313

4 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Energy - Independent - continued QEP Resources, Inc., 6.875%, 2021 $ 80,000 $ 92,600 Samson Investment Co., 9.75%, 2020 (n) 75,000 79,781 SandRidge Energy, Inc., 8%, 2018 (n) 175,000 183,750 Whiting Petroleum Corp., 6.5%, 2018 20,000 21,450 $ 2,024,890 Energy - Integrated - 0.2% Pacific Rubiales Energy Corp., 7.25%, 2021 (n) $ 100,000 $ 116,600

Engineering - Construction - 0.2% BakerCorp International, Inc., 8.25%, 2019 $ 85,000 $ 86,063

Entertainment - 1.0% AMC Entertainment, Inc., 8.75%, 2019 $ 180,000 $ 198,900 AMC Entertainment, Inc., 9.75%, 2020 78,000 90,870 Cinemark USA, Inc., 8.625%, 2019 75,000 83,063 Cinemark USA, Inc., 5.125%, 2022 (n) 15,000 15,188 NAI Entertainment Holdings LLC, 8.25%, 2017 (n) 40,000 43,800 Six Flags Entertainment Corp., 5.25%, 2021 (n) 65,000 64,675 $ 496,496 Financial Institutions - 3.0% Aviation Capital Group, 4.625%, 2018 (z) $ 25,000 $ 25,327 CIT Group, Inc., 5.25%, 2018 40,000 42,800 CIT Group, Inc., 6.625%, 2018 (n) 119,000 133,280 CIT Group, Inc., 5.5%, 2019 (n) 118,000 126,260 Credit Acceptance Corp., 9.125%, 2017 105,000 114,713 Icahn Enterprises LP, 8%, 2018 112,000 119,980 International Lease Finance Corp., 7.125%, 2018 (n) 137,000 160,290 Nationstar Mortgage LLC/Capital Corp., 10.875%, 2015 300,000 319,500 Nationstar Mortgage LLC/Capital Corp., 7.875%, 2020 (n) 30,000 32,700 PHH Corp., 9.25%, 2016 85,000 99,663 PHH Corp., 7.375%, 2019 40,000 44,900 SLM Corp., 8.45%, 2018 25,000 29,784 SLM Corp., 8%, 2020 130,000 150,475 SLM Corp., 7.25%, 2022 40,000 44,700 $ 1,444,372 Food & Beverages - 0.8% ARAMARK Corp., 8.5%, 2015 $ 105,000 $ 105,657 B&G Foods, Inc., 7.625%, 2018 92,000 99,245 Constellation Brands, Inc., 7.25%, 2016 55,000 62,975 Pinnacle Foods Finance LLC, 8.25%, 2017 30,000 31,913 TreeHouse Foods, Inc., 7.75%, 2018 80,000 86,600 $ 386,390 Forest & Paper Products - 0.8% Boise, Inc., 8%, 2020 $ 105,000 $ 116,288 Clearwater Paper Corp., 4.5%, 2023 (z) 10,000 9,925 Georgia-Pacific Corp., 8%, 2024 9,000 12,551 Graphic Packaging Holding Co., 7.875%, 2018 65,000 71,338 Millar Western Forest Products Ltd., 8.5%, 2021 25,000 24,188 Smurfit Kappa Group PLC, 7.75%, 2019 (n) EUR 50,000 74,340 Tembec Industries, Inc., 11.25%, 2018 $ 55,000 60,638 $ 369,268

5 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Gaming & Lodging - 3.0% Boyd Gaming Corp., 9%, 2020 (n) $ 40,000 $ 40,600 Caesars Entertainment Operating Co., Inc., 8.5%, 2020 110,000 110,550 Choice Hotels International, Inc., 5.75%, 2022 15,000 16,650 CityCenter Holdings LLC, 10.75%, 2017 (p) 40,000 44,150 FelCor Lodging LP, 5.625%, 2023 (n) 10,000 10,088 Fontainebleau Las Vegas Holdings LLC, 10.25%, 2015 (a)(d)(n) 290,000 181 GWR Operating Partnership LLP, 10.875%, 2017 85,000 96,688 Host Hotels & Resorts, Inc., REIT, 5.25%, 2022 55,000 59,950 Isle of Capri Casinos, Inc., 8.875%, 2020 85,000 92,863 MGM Mirage, 6.625%, 2015 40,000 43,200 MGM Resorts International, 11.375%, 2018 235,000 292,575 MGM Resorts International, 6.625%, 2021 35,000 36,050 Penn National Gaming, Inc., 8.75%, 2019 160,000 182,400 Pinnacle Entertainment, Inc., 8.75%, 2020 50,000 54,250 Seven Seas Cruises S. DE R.L., 9.125%, 2019 130,000 137,800 Viking Cruises Ltd., 8.5%, 2022 (n) 55,000 60,638 Wyndham Worldwide Corp., 7.375%, 2020 50,000 61,045 Wynn Las Vegas LLC, 7.75%, 2020 95,000 107,113 $ 1,446,791 Industrial - 0.8% Dematic S.A., 7.75%, 2020 (z) $ 60,000 $ 61,350 Hyva Global B.V., 8.625%, 2016 (n) 200,000 194,000 Mueller Water Products, Inc., 8.75%, 2020 66,000 75,075 SPL Logistics Escrow LLC, 8.875%, 2020 (n) 45,000 48,150 Unifrax I LLC, 7.5%, 2019 (z) 10,000 10,000 $ 388,575 Insurance - 0.7% American International Group, Inc., 8.25%, 2018 $ 100,000 $ 129,801 American International Group, Inc., 8.175% to 2038, FRN to 2068 180,000 234,000 $ 363,801 Insurance - Property & Casualty - 1.1% Liberty Mutual Group, Inc., 10.75% to 2038, FRN to 2088 (n) $ 235,000 $ 357,200 XL Group PLC, 6.5% to 2017, FRN to 2049 175,000 168,219 $ 525,419 International Market Quasi-Sovereign - 0.1% Exportfinans ASA, 5.5%, 2016 $ 35,000 $ 36,538

Machinery & Tools - 1.4% Case New Holland, Inc., 7.875%, 2017 $ 95,000 $ 112,338 CNH America LLC, 7.25%, 2016 50,000 55,875 H&E Equipment Services LLC, 7%, 2022 (n) 105,000 114,713 NESCO LLC/NESCO Holdings Corp., 11.75%, 2017 (n) 130,000 141,700 RSC Equipment Rental, Inc., 8.25%, 2021 140,000 159,250 United Rentals North America, Inc., 5.75%, 2018 45,000 48,375 United Rentals North America, Inc., 7.625%, 2022 48,000 53,520 $ 685,771 Major Banks - 0.9% Bank of America Corp., 5.65%, 2018 $ 50,000 $ 57,735 RBS Capital Trust II, 6.425% to 2034, FRN to 2049 95,000 85,500 Royal Bank of Scotland Group PLC, 6.99% to 2017, FRN to 2049 (n) 100,000 94,000

6 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Major Banks - continued Royal Bank of Scotland Group PLC, 7.648% to 2031, FRN to 2049 $ 210,000 $ 221,550 $ 458,785 Medical & Health Technology & Services - 3.3% AmSurg Corp., 5.625%, 2020 (n) $ 20,000 $ 20,900 CDRT Holding Corp., 9.25%, 2017 (n)(p) 25,000 25,813 Davita, Inc., 6.625%, 2020 290,000 316,100 Fresenius Medical Care AG & Co. KGaA, 9%, 2015 (n) 120,000 136,800 HCA, Inc., 8.5%, 2019 140,000 155,750 HCA, Inc., 7.5%, 2022 150,000 173,250 HCA, Inc., 5.875%, 2022 25,000 27,188 HealthSouth Corp., 8.125%, 2020 175,000 192,063 IASIS Healthcare LLC/IASIS Capital Corp., 8.375%, 2019 125,000 126,875 Select Medical Corp., 7.625%, 2015 15,000 15,019 Tenet Healthcare Corp., 9.25%, 2015 65,000 73,613 Tenet Healthcare Corp., 8%, 2020 65,000 70,688 Universal Health Services, Inc, 7.625%, 2020 80,000 85,800 Universal Health Services, Inc., 7%, 2018 30,000 33,075 Universal Hospital Services, Inc., FRN, 3.902%, 2015 35,000 34,869 Vanguard Health Systems, Inc., 0%, 2016 2,000 1,530 WP Rocket Merger Sub, Inc., 10.125%, 2019 (n) 100,000 100,000 $ 1,589,333 Medical Equipment - 0.5% Biomet, Inc., 6.5%, 2020 (n) $ 80,000 $ 84,000 Hologic, Inc., 6.25%, 2020 (n) 30,000 32,250 Physio-Control International, Inc., 9.875%, 2019 (n) 65,000 72,800 Teleflex, Inc., 6.875%, 2019 50,000 54,250 $ 243,300 Metals & Mining - 1.1% Arch Coal, Inc., 7.25%, 2020 $ 80,000 $ 71,600 Cloud Peak Energy, Inc., 8.25%, 2017 140,000 148,750 Cloud Peak Energy, Inc., 8.5%, 2019 55,000 59,813 Consol Energy, Inc., 8%, 2017 75,000 81,000 Consol Energy, Inc., 8.25%, 2020 70,000 75,775 Fortescue Metals Group Ltd., 8.25%, 2019 (n) 75,000 80,438 $ 517,376 Municipals - 0.1% New Jersey Tobacco Settlement Financing Corp., “1-A”, 4.5%, 2023 $ 70,000 $ 69,710

Natural Gas - Distribution - 0.3% AmeriGas Finance LLC, 6.75%, 2020 $ 80,000 $ 86,800 Ferrellgas LP/Ferrellgas Finance Corp., 6.5%, 2021 60,000 60,600 $ 147,400 Natural Gas - Pipeline - 2.1% Access Midstream Partners Co., 4.875%, 2023 $ 35,000 $ 34,825 Atlas Pipeline Partners LP, 8.75%, 2018 160,000 171,520 Atlas Pipeline Partners LP, 5.875%, 2023 (z) 50,000 49,875 Crosstex Energy, Inc., 8.875%, 2018 110,000 118,113 El Paso Corp., 7%, 2017 105,000 120,369 El Paso Corp., 7.75%, 2032 105,000 123,457 Energy Transfer Equity LP, 7.5%, 2020 135,000 155,588

7 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Natural Gas - Pipeline - continued Enterprise Products Partners LP, 7.034% to 2018, FRN to 2068 $ 40,000 $ 45,800 Inergy Midstream LP, 6%, 2020 (n) 80,000 82,600 MarkWest Energy Partners LP, 5.5%, 2023 65,000 68,575 Rockies Express Pipeline LLC, 5.625%, 2020 (n) 34,000 31,960 $ 1,002,682 Network & Telecom - 1.7% Centurylink, Inc., 7.65%, 2042 $ 95,000 $ 97,765 Cincinnati Bell, Inc., 8.25%, 2017 30,000 32,213 Citizens Communications Co., 9%, 2031 65,000 70,525 Eileme 2 AB, 11.625%, 2020 (n) 200,000 235,500 Frontier Communications Corp., 8.125%, 2018 90,000 104,175 Qwest Communications International, Inc., 7.125%, 2018 (n) 105,000 109,537 TW Telecom Holdings, Inc., 5.375%, 2022 35,000 36,750 Windstream Corp., 8.125%, 2018 20,000 21,950 Windstream Corp., 7.75%, 2020 80,000 87,000 Windstream Corp., 7.75%, 2021 40,000 43,700 $ 839,115 Oil Services - 1.5% Afren PLC, 11.5%, 2016 (n) $ 200,000 $ 233,000 Bristow Group, Inc., 6.25%, 2022 40,000 43,200 Chesapeake Energy Corp., 6.625%, 2019 (n) 35,000 34,650 Dresser-Rand Group, Inc., 6.5%, 2021 45,000 47,700 Edgen Murray Corp., 8.75%, 2020 (n) 80,000 81,800 Pioneer Energy Services Corp., 9.875%, 2018 70,000 75,950 Shale-Inland Holdings LLC/Finance Co., 8.75%, 2019 (n) 85,000 89,250 Unit Corp., 6.625%, 2021 100,000 103,750 $ 709,300 Other Banks & Diversified Financials - 1.8% Ally Financial, Inc., 5.5%, 2017 $ 120,000 $ 129,009 Ally Financial, Inc., 6.25%, 2017 50,000 55,630 GMAC, Inc., 8%, 2031 20,000 25,275 Groupe BPCE S.A., 12.5% to 2019, FRN to 2049 (n) 100,000 122,323 LBG Capital No. 1 PLC, 7.875%, 2020 (n) 200,000 219,200 Santander UK PLC, 8.963% to 2030, FRN to 2049 299,000 345,345 $ 896,782 Pharmaceuticals - 0.6% Capsugel FinanceCo. SCA, 9.875%, 2019 (n) EUR 100,000 $ 151,734 Valeant Pharmaceuticals International, Inc., 7%, 2020 (n) $ 100,000 106,000 Valeant Pharmaceuticals International, Inc., 7.25%, 2022 (n) 55,000 59,125 $ 316,859 Pollution Control - 0.2% Heckmann Corp., 9.875%, 2018 (z) $ 25,000 $ 26,375 Heckmann Corp., 9.875%, 2018 70,000 74,375 $ 100,750 Precious Metals & Minerals - 0.3% Eldorado Gold Corp., 6.125%, 2020 (n) $ 55,000 $ 57,819 IAMGOLD Corp., 6.75%, 2020 (n) 105,000 102,900 $ 160,719

8 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Printing & Publishing - 0.2% American Media, Inc., 13.5%, 2018 (z) $ 23,764 $ 20,794 Nielsen Finance LLC, 7.75%, 2018 45,000 50,119 Nielsen Finance LLC, 4.5%, 2020 (n) 45,000 44,325 $ 115,238 Real Estate - 1.0% CB Richard Ellis Group, Inc., 11.625%, 2017 $ 120,000 $ 130,800 CNL Lifestyle Properties, Inc., REIT, 7.25%, 2019 50,000 49,625 Entertainment Properties Trust, REIT, 5.75%, 2022 65,000 68,414 Kennedy Wilson, Inc., 8.75%, 2019 45,000 47,700 MPT Operating Partnership LP, REIT, 6.375%, 2022 160,000 171,600 $ 468,139 Retailers - 1.7% Academy Ltd., 9.25%, 2019 (n) $ 55,000 $ 61,325 Burlington Coat Factory Warehouse Corp., 10%, 2019 100,000 108,750 J. Crew Group, Inc., 8.125%, 2019 85,000 91,163 Limited Brands, Inc., 6.9%, 2017 75,000 86,438 Limited Brands, Inc., 6.95%, 2033 40,000 41,200 Pantry, Inc., 8.375%, 2020 (n) 40,000 42,800 Rite Aid Corp., 9.25%, 2020 65,000 72,313 Sally Beauty Holdings, Inc., 6.875%, 2019 45,000 49,725 Toys “R” Us Property Co. II LLC, 8.5%, 2017 60,000 63,150 Toys “R” Us, Inc., 10.75%, 2017 140,000 150,500 Yankee Acquisition Corp., 8.5%, 2015 2,000 2,005 YCC Holdings LLC/Yankee Finance, Inc., 10.25%, 2016 (p) 50,000 51,501 $ 820,870 Specialty Chemicals - 0.1% Eagle Spinco, Inc., 4.625%, 2021 (z) $ 15,000 $ 15,094 Georgia Gulf Corp., 4.875%, 2023 (z) 5,000 5,038 Koppers, Inc., 7.875%, 2019 40,000 44,050 $ 64,182 Specialty Stores - 0.4% Gymboree Corp., 9.125%, 2018 $ 40,000 $ 37,600 Michaels Stores, Inc., 11.375%, 2016 81,000 84,545 Michaels Stores, Inc., 7.75%, 2018 50,000 54,688 $ 176,833 Telecommunications - Wireless - 3.8% Altice Financing S.A., 7.875%, 2019 (z) $ 200,000 $ 214,800 Clearwire Corp., 12%, 2015 (n) 125,000 135,469 Cricket Communications, Inc., 7.75%, 2016 95,000 99,988 Cricket Communications, Inc., 7.75%, 2020 85,000 88,188 Crown Castle International Corp., 7.125%, 2019 50,000 55,563 Digicel Group Ltd., 10.5%, 2018 (n) 265,000 295,475 MetroPCS Wireless, Inc., 7.875%, 2018 75,000 81,188 Sprint Capital Corp., 6.875%, 2028 105,000 106,050 Sprint Nextel Corp., 6%, 2016 145,000 156,238 Sprint Nextel Corp., 8.375%, 2017 140,000 161,875 Sprint Nextel Corp., 9%, 2018 (n) 25,000 30,938 Sprint Nextel Corp., 6%, 2022 110,000 110,550 Wind Acquisition Finance S.A., 11.75%, 2017 (n) 100,000 107,500

9 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Bonds - continued Telecommunications - Wireless - continued Wind Acquisition Finance S.A., 7.25%, 2018 (n) $ 200,000 $ 210,500 $ 1,854,322 Telephone Services - 0.4% Cogent Communications Group, Inc., 8.375%, 2018 (n) $ 45,000 $ 49,838 Level 3 Financing, Inc., 9.375%, 2019 65,000 73,450 Level 3 Financing, Inc., 7%, 2020 (n) 25,000 26,500 Level 3 Financing, Inc., 8.625%, 2020 45,000 50,400 $ 200,188 Transportation - 0.2% Navios South American Logistics, Inc., 9.25%, 2019 $ 112,000 $ 112,000

Transportation - Services - 2.7% ACL I Corp., 10.625%, 2016 (p) $ 153,610 $ 147,663 Aguila American Resources Ltd., 7.875%, 2018 (n) 150,000 159,000 Avis Budget Car Rental LLC, 8.25%, 2019 65,000 71,988 Avis Budget Car Rental LLC, 9.75%, 2020 40,000 46,300 CEVA Group PLC, 8.375%, 2017 (n) 160,000 163,600 Commercial Barge Line Co., 12.5%, 2017 205,000 224,988 HDTFS, Inc., 5.875%, 2020 (n) 15,000 15,938 Navios Maritime Acquisition Corp., 8.625%, 2017 165,000 156,338 Navios Maritime Holdings, Inc., 8.875%, 2017 105,000 103,688 Swift Services Holdings, Inc., 10%, 2018 190,000 214,463 $ 1,303,966 Utilities - Electric Power - 3.9% AES Corp., 8%, 2017 $ 175,000 $ 202,125 AES Corp., 7.375%, 2021 40,000 44,600 Calpine Corp., 8%, 2016 (n) 125,000 131,875 Calpine Corp., 7.875%, 2020 (n) 108,000 119,070 Covanta Holding Corp., 7.25%, 2020 75,000 82,620 Covanta Holding Corp., 6.375%, 2022 25,000 27,284 EDP Finance B.V., 6%, 2018 (n) 145,000 153,338 Energy Future Holdings Corp., 10%, 2020 318,000 364,905 Energy Future Holdings Corp., 10%, 2020 (z) 145,000 166,025 Energy Future Holdings Corp., 11.75%, 2022 (n) 85,000 96,794 GenOn Energy, Inc., 9.875%, 2020 165,000 189,750 NRG Energy, Inc., 8.25%, 2020 195,000 220,350 Texas Competitive Electric Holdings Co. LLC, 11.5%, 2020 (n) 125,000 98,750 $ 1,897,486 Total Bonds $33,924,536

Common Stocks - 24.3% Aerospace - 1.8% Lockheed Martin Corp. 4,850 $ 421,319 United Technologies Corp. 5,200 455,364 $ 876,683 Alcoholic Beverages - 0.6% Diageo PLC, ADR 2,250 $ 268,425

10 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Common Stocks - continued Automotive - 0.7% Accuride Corp. (a) 2,414 $ 9,077 Delphi Automotive PLC (a) 8,080 312,373 $ 321,450 Broadcasting - 1.0% New Young Broadcasting Holding Co., Inc. (a) 9 $ 33,750 Viacom, Inc., “B” 7,430 448,401 $ 482,151 Brokerage & Asset Managers - 0.9% BlackRock, Inc. 1,914 $ 452,240

Business Services - 0.9% Accenture PLC, “A” 6,260 $ 450,031

Chemicals - 1.2% 3M Co. 2,600 $ 261,430 LyondellBasell Industries N.V., “A” 8 507 PPG Industries, Inc. 2,460 339,160 $ 601,097 Computer Software - 0.5% Oracle Corp. 7,220 $ 256,382

Computer Software - Systems - 0.9% International Business Machines Corp. 2,250 $ 456,908

Electrical Equipment - 1.7% Danaher Corp. 7,130 $ 427,301 Tyco International Ltd. 13,010 393,292 $ 820,593 Energy - Independent - 1.1% Occidental Petroleum Corp. 5,930 $ 523,441

Energy - Integrated - 0.7% Exxon Mobil Corp. 3,890 $ 349,983

Food & Beverages - 0.8% General Mills, Inc. 9,810 $ 411,431

General Merchandise - 0.7% Target Corp. 5,470 $ 330,443

Insurance - 1.7% MetLife, Inc. 8,130 $ 303,574 Travelers Cos., Inc. 6,650 521,759 $ 825,333 Major Banks - 2.0% Bank of New York Mellon Corp. 12,760 $ 346,562 JPMorgan Chase & Co. 12,840 604,122 $ 950,684

11 Portfolio of Investments (unaudited) – continued

Issuer Shares/Par Value ($) Common Stocks - continued Medical Equipment - 1.3% Abbott Laboratories 10,220 $ 346,254 St. Jude Medical, Inc. 6,970 283,679 $ 629,933 Natural Gas - Distribution - 0.1% Dynegy, Inc. (a) 1,785 $ 35,700

Other Banks & Diversified Financials - 0.4% Western Union Co. 14,330 $ 203,916

Pharmaceuticals - 2.2% Johnson & Johnson 7,920 $ 585,446 Pfizer, Inc. 18,160 495,405 $ 1,080,851 Printing & Publishing - 0.1% American Media Operations, Inc. (a) 6,090 $ 28,928

Telecommunications - Wireless - 0.6% Vodafone Group PLC, ADR 11,260 $ 307,623

Telephone Services - 1.3% AT&T, Inc. 12,230 $ 425,482 Verizon Communications, Inc. 5,270 229,825 $ 655,307 Tobacco - 1.1% Philip Morris International, Inc. 6,220 $ 548,355 Total Common Stocks $11,867,888

Preferred Stocks - 0.3% Other Banks & Diversified Financials - 0.3% Ally Financial, Inc., 7% (z) 60 $ 58,558 GMAC Capital Trust I, 8.125% 3,325 88,678 Total Preferred Stocks $ 147,236

Convertible Bonds - 0.2% Network & Telecom - 0.2% Nortel Networks Corp., 2.125%, 2014 (a)(d) 105,000 $ 104,475

Convertible Preferred Stocks - 0.2% Automotive - 0.2% General Motors Co., 4.75% 1,800 $ 77,976

Floating Rate Loans (g)(r) - 0.1% Utilities - Electric Power - 0.1% Dynegy Midwest Generation LLC, Term Loan, 9.25%, 2016 11,565 $ 11,999 Dynegy Power LLC, Term Loan, 9.25%, 2016 15,297 15,936 Total Floating Rate Loans $ 27,935

12 Portfolio of Investments (unaudited) – continued

Issuer Strike Price First Exercise Shares/Par Value ($) Warrants - 0.0% Broadcasting - 0.0% New Young Broadcasting Holding Co., Inc. (1 share for 1 warrant) (a) $0.01 12/24/24 6 $ 22,500

Money Market Funds - 3.8% MFS Institutional Money Market Portfolio, 0.14%, at Net Asset Value (v) 1,872,487 $ 1,872,487 Total Investments $48,045,033

Other Assets, Less Liabilities - 1.5% 714,350 Net Assets - 100.0% $48,759,383 (a) Non-income producing security. (c) The rate shown represents a current effective yield, not a coupon rate. (d) In default. Interest and/or scheduled principal payment(s) have been missed. (g) The rate shown represents a weighted average coupon rate on settled positions at period end, unless otherwise indicated. (i) Interest only security for which the fund receives interest on notional principal (Par amount). Par amount shown is the notional principal and does not reflect the cost of the security. (n) Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in the ordinary course of business in transactions exempt from registration, normally to qualified institutional buyers. At period end, the aggregate value of these securities was $10,159,245, representing 20.8% of net assets. (p) Payment-in-kind security. (r) Remaining maturities of floating rate loans may be less than stated maturities shown as a result of contractual or optional prepayments by the borrower. Such prepayments cannot be predicted with certainty. These loans may be subject to restrictions on resale. Floating rate loans generally have rates of interest which are determined periodically by reference to a base lending rate plus a premium. (v) Underlying affiliated fund that is available only to investment companies managed by MFS. The rate quoted for the MFS Institutional Money Market Portfolio is the annualized seven-day yield of the fund at period end. (z) Restricted securities are not registered under the Securities Act of 1933 and are subject to legal restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are subsequently registered. Disposal of these securities may involve time-consuming negotiations and prompt sale at an acceptable price may be difficult. The fund holds the following restricted securities: Acquisition Restricted Securities Date Cost Value Ally Financial, Inc., 7% 4/13/11 - 4/14/11 $56,250 $58,558 Altice Financing S.A., 7.875%, 2019 12/7/12 200,000 214,800 American Media, Inc., 13.5%, 2018 12/22/10 24,071 20,794 Atlas Pipeline Partners LP, 5.875%, 2023 1/28/13 50,000 49,875 Aviation Capital Group, 4.625%, 2018 1/14/13 25,000 25,327 BC Mountain LLC, 7%, 2021 1/25/13 10,000 10,250 Banc of America Commercial Mortgage, Inc., FRN, 6.254%, 2051 6/19/08 241,307 78,481 Clearwater Paper Corp., 4.5%, 2023 1/17/13 10,000 9,925 Dematic S.A., 7.75%, 2020 12/13/12 60,000 61,350 Eagle Spinco, Inc., 4.625%, 2021 1/17/13 15,000 15,094 Energy Future Holdings Corp., 10%, 2020 1/7/10 - 8/6/10 146,461 166,025 Falcon Franchise Loan LLC, FRN, 6.542%, 2025 1/29/03 6,545 12,361 Georgia Gulf Corp., 4.875%, 2023 1/17/13 5,000 5,038 Gibraltar Industries, Inc., 6.25%, 2021 1/18/13 10,000 10,388 HD Supply, Inc., 10.5%, 2021 1/9/13 5,000 5,113 Heckler & Koch GmbH, 9.5%, 2018 5/06/11 142,063 120,165 Heckmann Corp., 9.875%, 2018 10/26/12 25,061 26,375 LBI Media, Inc., 13.5% to 2015, 11.5% to , 2020 12/26/12 27,233 23,370 Lear Corp., 4.75%, 2023 1/14/13 25,000 24,875 Local TV Finance LLC, 9.25%, 2015 11/14/07 - 2/16/11 155,466 158,708 Morgan Stanley Capital I, Inc., FRN, 1.384%, 2039 7/20/04 5,968 4,006

13 Portfolio of Investments (unaudited) – continued

Acquisition Restricted Securities - continued Date Cost Value Nara Cable Funding Ltd., 8.875%, 2018 1/26/12 $194,544 $204,000 Netflix, Inc., 5.375%, 2021 1/29/13 - 1/30/13 50,075 49,750 Preferred Term Securities XII Ltd., CDO, 0%, 2033 1/07/05 127,734 68 Preferred Term Securities XVI Ltd., CDO, 0%, 2035 12/08/04 187,576 30 Preferred Term Securities XVII Ltd., CDO, 0%, 2035 3/09/05 114,513 19 Unifrax I LLC, 7.5%, 2019 1/31/13 10,000 10,000 Total Restricted Securities $1,364,745 % of Net assets 2.8% The following abbreviations are used in this report and are defined: ADR American Depositary Receipt CDO Collateralized Debt Obligation FRN Floating Rate Note. Interest rate resets periodically and may not be the rate reported at period end. PLC Public Limited Company REIT Real Estate Investment Trust Abbreviations indicate amounts shown in currencies other than the U.S. dollar. All amounts are stated in U.S. dollars unless otherwise indicated. A list of abbreviations is shown below: EUR Euro Derivative Contracts at 10/31/12 Forward Foreign Currency Exchange Contracts at 10/31/12 Net Unrealized Contracts to Settlement In Exchange Contracts Appreciation Type Currency Counterparty Deliver/Receive Date Range For at Value (Depreciation) Liability Derivatives SELL EUR Barclays Bank PLC 27,000 4/15/13 $ 36,061 $ 36,675 $ (614) SELL EUR JPMorgan Chase Bank 348,481 4/15/13 455,833 473,347 (17,514) $(18,128)

See attached supplemental information. For more information see notes to financial statements as disclosed in the most recent semiannual or annual report.

14 Supplemental Information 1/31/13 (unaudited) (1) Investment Valuations Equity securities, including restricted equity securities, are generally valued at the last sale or official closing price as provided by a third-party pricing service on the market or exchange on which they are primarily traded. Equity securities, for which there were no sales reported that day, are generally valued at the last quoted daily bid quotation as provided by a third-party pricing service on the market or exchange on which such securities are primarily traded. Debt instruments and floating rate loans (other than short-term instruments), including restricted debt instruments, are generally valued at an evaluated or composite bid as provided by a third-party pricing service. Short-term instruments with a maturity at issuance of 60 days or less generally are valued at amortized cost, which approximates market value. Forward foreign currency exchange contracts are generally valued at the mean of bid and asked prices for the time period interpolated from rates provided by a third-party pricing service for proximate time periods. Open-end investment companies are generally valued at net asset value per share. Securities and other assets generally valued on the basis of information from a third-party pricing service may also be valued at a broker/dealer bid quotation. Values obtained from third-party pricing services can utilize both transaction data and market information such as yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. The values of foreign securities and other assets and liabilities expressed in foreign currencies are converted to U.S. dollars using the mean of bid and asked prices for rates provided by a third-party pricing service. The Board of Trustees has delegated primary responsibility for determining or causing to be determined the value of the fund’s investments (including any fair valuation) to the adviser pursuant to valuation policies and procedures approved by the Board. If the adviser determines that reliable market quotations are not readily available, investments are valued at fair value as determined in good faith by the adviser in accordance with such procedures under the oversight of the Board of Trustees. Under the fund’s valuation policies and procedures, market quotations are not considered to be readily available for most types of debt instruments and floating rate loans and many types of derivatives. These investments are generally valued at fair value based on information from third-party pricing services. In addition, investments may be valued at fair value if the adviser determines that an investment’s value has been materially affected by events occurring after the close of the exchange or market on which the investment is principally traded (such as foreign exchange or market) and prior to the determination of the fund’s net asset value, or after the halting of trading of a specific security where trading does not resume prior to the close of the exchange or market on which the security is principally traded. Events that occur on a frequent basis after foreign markets close (such as developments in foreign markets and significant movements in the U.S. markets) and prior to the determination of the fund’s net asset value may be deemed to have a material effect on the value of securities traded in foreign markets. Accordingly, the fund’s foreign equity securities may often be valued at fair value. The adviser generally relies on third-party pricing services or other information (such as the correlation with price movements of similar securities in the same or other markets; the type, cost and investment characteristics of the security; the business and financial condition of the issuer; and trading and other market data) to assist in determining whether to fair value and at what value to fair value an investment. The value of an investment for purposes of calculating the fund’s net asset value can differ depending on the source and method used to determine value. When fair valuation is used, the value of an investment used to determine the fund’s net asset value may differ from quoted or published prices for the same investment. There can be no assurance that the fund could obtain the fair value assigned to an investment if it were to sell the investment at the same time at which the fund determines its net asset value per share. Various inputs are used in determining the value of the fund’s assets or liabilities. These inputs are categorized into three broad levels. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fund’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. Level 1 includes unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes other significant observable market-based inputs (including quoted prices for similar securities, interest rates, prepayment speed, and credit risk).

15 Supplemental Information (unaudited) – continued

Level 3 includes unobservable inputs, which may include the adviser’s own assumptions in determining the fair value of investments. Other financial instruments are derivative instruments not reflected in total investments, such as forward foreign currency exchange contracts. The following is a summary of the levels used as of January 31, 2013 in valuing the fund’s assets or liabilities:

Investments at Value Level 1 Level 2 Level 3 Total Equity Securities: United States $11,395,816 $114,808 $28,928 $11,539,552 United Kingdom 576,048 — — 576,048 Non-U.S. Sovereign Debt — 897,117 — 897,117 Municipal Bonds — 69,710 — 69,710 U.S. Corporate Bonds — 26,596,785 — 26,596,785 Commercial Mortgage-Backed Securities — 165,010 — 165,010 Asset-Backed Securities (including CDOs) — 117 — 117 Foreign Bonds — 6,300,272 — 6,300,272 Floating Rate Loans — 27,935 — 27,935 Mutual Funds 1,872,487 — — 1,872,487 Total Investments $13,844,351 $34,171,754 $28,928 $48,045,033

Other Financial Instruments Forward Foreign Currency Exchange Contracts $— $(18,128) $— $(18,128) For further information regarding security characteristics, see the Portfolio of Investments. The following is a reconciliation of level 3 assets for which significant unobservable inputs were used to determine fair value. The fund’s policy is to recognize transfers between the levels as of the end of the period. The table presents the activity of level 3 securities held at the beginning and the end of the period.

Equity Securities Balance as of 10/31/12 $32,216 Change in unrealized appreciation (depreciation) (3,288) Balance as of 1/31/13 $28,928 The net change in unrealized appreciation (depreciation) from investments still held as level 3 at January 31, 2013 is $(3,288). (2) Portfolio Securities The cost and unrealized appreciation and depreciation in the value of the investments owned by the fund, as computed on a federal income tax basis, are as follows: Aggregate cost $45,260,492 Gross unrealized appreciation 4,665,125 Gross unrealized depreciation (1,880,584) Net unrealized appreciation (depreciation) $2,784,541 The aggregate cost above includes prior fiscal year end tax adjustments, if applicable. (3) Transactions in Underlying Affiliated Funds – Affiliated Issuers An affiliated issuer may be considered one in which the fund owns 5% or more of the outstanding voting securities, or a company which is under common control. For the purposes of this report, the fund assumes the following to be an affiliated issuer: Beginning Acquisitions Dispositions Ending Shares/Par Shares/Par Shares/Par Shares/Par Underlying Affiliated Fund Amount Amount Amount Amount MFS Institutional Money Market Portfolio 1,578,168 2,145,952 (1,851,633) 1,872,487 Realized Capital Gain Dividend Underlying Affiliated Fund Gain (Loss) Distributions Income Ending Value MFS Institutional Money Market Portfolio $— $— $722 $1,872,487

16